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Plymouth council cabinet agrees Argyle Home Park deal Plymouth council cabinet agrees Argyle Home Park deal
(40 minutes later)
Crisis-hit football club Plymouth Argyle could be saved after council leaders agreed to buy its ground.Crisis-hit football club Plymouth Argyle could be saved after council leaders agreed to buy its ground.
The deal would mean Plymouth City Council paying £1.6m for Home Park and renting it back to the club for £135,000 a year.The deal would mean Plymouth City Council paying £1.6m for Home Park and renting it back to the club for £135,000 a year.
The club, which bought the ground from the council for £2.7m in 2006, went into administration last December. The club, which bought the ground from the council for £2.7m in 2006, went into administration in March.
The proposal was agreed by the cabinet and will go to the full Conservative-controlled council later for approval. The council buying the land was a proviso of a rescue bid for the side by businessman James Brent.
The club, which is currently at the bottom of League Two, is the subject of a takeover bid by a businessman James Brent, who has said the council purchase of the ground is "crucial" to the deal going ahead. The proposal was agreed by the cabinet and is expected to be approved by the full Conservative-controlled council later.
The deal means Argyle would be given the option of buying back the ground every five years for 12 times the £135,000 rent. The club, which is currently at the bottom of League Two, went into administration owing £17m.
The council deal means Argyle would be given the option every five years to buy back the ground for a sum equal to 12 times the £135,000 rent.
The rent would rise by 150% if the club reached the Championship and quadruple if it reached the Premier League.The rent would rise by 150% if the club reached the Championship and quadruple if it reached the Premier League.
The deal also removes covenants preventing non-football development around the ground.The deal also removes covenants preventing non-football development around the ground.
Hotelier Mr Brent has been talking to stakeholders in the club as his Akkeron Group weighs up making a bid for the side.
Purchase of the club also depends on an agreement with administrators on their fees and will be subject to approval by the Football League.
None of Argyle's players or office staff have received their full wages since the club went into administration.